It's nice to see you here, @CarpentersBusiness. I'm here to help you with your concern.
Categorizing and matching transactions are two different processes in QuickBooks Online, but they are related. Here are the key differences between them:
- Categorizing: This involves assigning a category to a transaction that has been downloaded from your bank or credit card account. You can choose a category from the dropdown list, add a new category to the dropdown, or create a bank rule that automatically categorizes transactions for you.
- Matching: This involves linking a downloaded transaction with one you already entered in QuickBooks, such as an invoice, a bill, a receipt, or a payment. QuickBooks tries to match downloaded transactions with transactions already in QuickBooks. If it can't find a match, it creates a new transaction record for you. You can approve the match or new transaction.
In general, you would need to do both categorizing and matching transactions in QuickBooks Online to ensure that your financial records are accurate and up-to-date. However, if a transaction already exists in QuickBooks, you may have the option to match, add, or view multiple matches instead of categorizing it.
I'll share a few steps that can help you to review and categorize transactions. Here's how:
- Go to Transactions.
- Select Bank transactions (Take me there).
- Select the tile for the account you want to review.
- Select the For Review tab to start your review.
Also, all you have to do is make sure the match is correct:
- Find a downloaded transaction with the Match option in the Action column.
- Note the Date, Description, Payee, and amount spent or received.
- Select the downloaded transaction to expand the view.
- Review the Matching records found in QuickBooks. This is the possible matching transaction you already entered in QuickBooks.
- Select the link next to each match to get more details.
- Make sure this is the correct match. In particular, review the Deposit to, Payment method, or Bank account fields on forms for the existing transaction in QuickBooks.
- Note: The fields you see may differ depending on the transaction you're matching.
- If this is the correct match, close the open transaction.
- Select Match.
You can also check this link for more detailed steps: Categorize and match online bank transactions in QuickBooks Online
Please check this link for future reference:
If you have more concerns related to QuickBooks Online. Feel free to comment down below. Take care!
